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J.Crew Shuttering its SoHo Store

J.Crew (New York) will close its flagship store in Manhattan, New York’s SoHo neighborhood, according to a source familiar with the closure, reports Business Insider.

The store on New York’s Prince Street, which opened in 1996, will close due to the brand’s poor sales performance. J.Crew’s same-store sales fell 12 percent in the most recent quarter. Last year, its sales fell 6 percent, to $2 billion, and its same-store sales declined 8 percent, compared to 10 percent the year before.

The company’s longtime CEO Mickey Drexler, who stepped down earlier this year and was replaced by creative director Jenna Lyons, attributes the brand’s struggling sales to raised prices on its products.

The brand will continue to operate its 13 other stores within the city, including six in Manhattan.